How to Buy a Car with Bad Credit
Tips for Buying a Car with Bad Credit
Bad credit doesn't have to stand in the way of buying a new vehicle, but you'll have to shop a little differently and be prepared for a slightly higher cost. If you go into the process as informed as possible you can avoid some common pitfalls.
- Check your credit report as soon as you start thinking about buying a new car, even if it's months or years in advance.
- In the months leading up to your loan application, be on your best behavior. Pay everything on time.
- Check your budget to see what you can really afford to pay and stick to that amount, even if you're approved for a loan with bigger payments.
- Get pre-approved so you can shop more realistically.
Regardless of your credit history we will get you into a new car. We have lots of low mileage certified used vehicles available. We focus on your current situation and less on your credit history!
Fill out our easy-to-follow two minute application below.
Additional Tips When Looking
For a Bad Credit Car Loan.
To make sure you get a car loan that works for your budget, it's important to ask pertinent questions. For starters, you'll want to know how much interest you'll be paying over the life of the loan. Make sure there's no prepayment penalty - meaning, you won't be fined for paying off a loan quicker than agreed. Also, find out the necessary steps for refinancing a loan with a high interest rate. One way to phrase it: "How long do I have to deal with this until I can change and get something more reasonable?"
Be smart about your credit while you are shopping for an auto loan. Every time a lender pulls your credit report, it creates an inquiry on your file, and these inquiries can hurt your credit scores. Most scoring models will count auto loan inquiries with a certain window - usually 14 to 45 days - as a single inquiry. To be on the safe side, limit your auto loan shopping to a two-week period to avoid damaging your credit scores further.
Collection of Information
The purchase of a motor vehicle requires considerable accumulation of non-public personal information. For example, if we sell or lease you a vehicle—extending credit to you at your request—we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.
Some of the information we obtain from you may be required by provincial or federal agencies, such as the Department of Motor Vehicles or the Canada Revenue Agency. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.
Protecting Your Information
Unless we have indicated our desire to share your non-public personal information with non-affiliated third parties (by checking the box in the section below), we share information:
A) For everyday business purposes, such as to process transactions, maintain account(s), to respond to court orders and legal investigations, or to report to credit bureaus.
B) For the purposes of processing a sale or lease transaction at your request or authorization, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract, or verifying insurance coverage information.
C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers, we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose for which it was disclosed.
D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company that we control, or any company under common control with us.